, Singapore
1 view

UOB net profit up 18% with a solid $1b

The growth was driven by lower impariment charges in 2021.

UOB's net profit hit a soild $1b in the first quarter, an 18% increase from the same period last year.

"Our core businesses are growing well across our diversified franchise and we are seeing quality growth with record fee income," said UOB Deputy Chairman and CEO Wee Ee Cheong in a bourse disclosure.

Totail impariment charges were 29% lower in the first quarter of 2021 than in 2021, mainly due to allowance for impared assets.

Net interest income decreased by 4% as loan growth was offeset by the impact of rate cuts on margins across the region.

Fee income was 24% higher, driven by wealth, laon-related and fund management schemes.

Trading and investment income grew by 10% due to higher net gains from investment securities.

"We expect this momentum to continue as economic and business activity picks up and market sentiment improves across the region, starting with Singapore and Greater China," Wee said.

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Singapore Business Review in your inbox
They failed to properly monitor individuals onboarded as advisors, directors.
Chua spent 18 years with UBS Wealth Management prior to his new role.
Private-sector economists polled by the Monetary Authority of Singapore expect higher growth, faster inflation in 2021.
The leading F&B establishment operator expands its retail line of condiments and flavourings.
This deepens SGX’s partnership with Nikkei Inc.
These three stocks saw significant growth in trading turnover year-to-date.
The project with a 280-bed capacity is expected to operate by 2022.
Singapore Airport Terminal Services saw the sharpest decline during Monday's trading, with a 1.21% drop.
And the G-7 states demand a probe on the origins of the COVID-19 pandemic.
Approximately 35% of MSEs in the F&B and retail sectors saw their earnings drop by more than half during the Phase 2 Heightened Alert period, according to a DBS survey.
Enterprise Singapore extends the programme that supports food and beverage businesses in providing food delivery services.
The Baht 40b debentures were 1.52 times oversubscribed.
The fund was announced at the inaugural CapitaLand Sustainability X Challenge.
Mapletree Logistics Trust saw the sharpest decline during Friday's trading, with a 0.99% drop.
This may be one of the last times the troubled water treatment firm could meet with securities holders before shutting down.